Consolidated Rail Corp. (Conrail) reported pro forma...

Consolidated Rail Corp. (Conrail) reported pro forma net income for the third quarter of $58 million, compared to $51 million in the year before. The adjustments stem from the Philadelphia-based railroad’s transfer to private ownership through its stock offering last March and numerous adjustments of tax carryforwards and other accounting headings included in the legislation that authorized the stock sale to the public. The company attributed the increase to the carrier’s ability to increase freight traffic while closely controlling costs, thereby offsetting continuing intense competitive pressure on prices.